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Market Watch
July 6, 2010 - Market More Balanced in June
Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 - up one per cent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.
"We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year," said Toronto Real Estate Board President Bill Johnston. "The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates."
The average price for June transactions was $435,034 - up eight per cent compared to the average of $403,972 recorded for June 2009.
"With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The annual rate of average price growth in the second half of 2010 will be in the single digits."
Median Price
In June, the median price was $367,750, from the 345,000 recorded during June of 2009.
Reprinted from the Toronto Real Estate Board Market Watch.
June 16, 2010 - Mid-Month Resale Housing Figures
Greater Toronto REALTORS® reported 4,139 sales through the Multiple Listing Service® (MLS®) during the first two weeks of June.
This represented a 20 per cent decrease compared to the 5,185 sales recorded during the same period in 2009. New listings increased by 21 per cent annually to 7,985.
"The pace of existing home sales in the GTA has slowed to more normal levels following a record-setting start to 2010," said Toronto Real Estate Board President Tom Lebour.
"Due to higher mortgage carrying costs, sales in the second half of 2010 will not be as high as what was experienced during the last six months of 2009."
The average price for June mid-month transactions was $437,039 - up seven per cent compared to the average of $407,716 recorded during the first 14 days of June 2009.
"The sellers' market conditions experienced during the first few months of the year have given way to more balanced conditions. Home buyers are experiencing more choice," said Jason Mercer, TREB's Senior Manager of Market Analysis. 'With more choice in the market place, price growth is starting to slow."
Reprinted from the Toronto Real Estate Board Market Watch
June 3, 2010 - May Sales Remain High
Greater Toronto REALTORS® reported 9,470 sales through the Multiple Listing Service® (MLS®) in May, representing a one per cent dip from May 2009. In comparison to previous years, this was the third highest May sales result on record.
"The pace of transactions slowed in May following record-setting sales in February, March and April," said Toronto Real Estate Board President Tom Lebour. "Buyers who otherwise would have been purchasing a home in May moved more quickly this year, likely to get ahead of mortgage rate hikes."
New listings were up 38 per cent annually to 18,940. The average price for May transactions was $446,593 - up 13 per cent compared to the average of $395,609 recorded in May 2009.
"The gap between listings and sales has widened, which means there is more choice for buyers," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The annual rate of price growth will slow in the second half of 2010, from the current double digit pace into the single digits."
Median Price
In May, the median price was $376,750 from the $337,000 recorded during May of 2009.
Reprinted from the Toronto Real Estate Board Market Watch
May 5, 2010 - April Experiences Record Number of Buyers and Sellers
Greater Toronto REALTORS® reported 10, 898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009. There were also 20,683 new listings in April - a 59 per cent annual increase. Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.
"The GTA resale market is funtioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth," said Toronto Real Estate Board President Tom Lebour. "More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010."
The average price for April transactions was $437,600 - up 13 per cent compared to the average of $385,641 recorded in April 2009.
"Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions," said Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise."
Median Price
In April, the median price was $373,000, from the $330,000 recorded during April of 2009.
Reprinted from the Toronto Real Estate Board Market Watch
April 6, 2010 - Record First Quarter Sales
Greater Toronto REALTORS® reported 10,430 sales through the Multiple Listing Service® (MLS®) in March, pushing total first quarter 2010 sales to 22,418 - the best result on record under the current Toronto Real Estate Board (TREB) boundaries. The average price for March transactions was $434,696. The average price for the first quarter was $427,948.
"The strong rebound in the existing home market was one of the initial drivers of economic recovery," said TREB President Tom Lebour. "While we don't expect to see the same rates of growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries."
The annual rate of growth for new listings continued to accelerate in March. The number of new listings grew by 42 per cent compared to March of 2009.
"The average home price in the GTA will continue to grow this year, but the pace will slow as we move through spring," said Jason Mercer, TREB's Senior Manager of Market Analysis. "As growth in new listings starts to outstrip growth in sales, buyers will experience more choice, resulting in more sustainable single digit rates of average price growth."
Median Price
In March, the median price was $370,000, from the $317,500 recorded during March 2009.
Reprinted from the Toronto Real Estate Board Market Watch
March 3, 2010 - February Sales and Average Price Increase Annually
Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.
"Increase in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions," said TREB President Tom Lebour. "This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace."
New listings also increased in February, climbing 24 per cent compared to the same month last year.
"Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010," said Jason Mercer, TREB's Senior Manager of Market Analysis. "As the market becomes better supplied, we will see more sustainable single-digit rates of price growth."
Median Price
In February, the median price was $366,300, from the $312,900 recorded during February of 2009.
Reprinted from the Toronto Real Estate Board Market Watch.
February 3, 2010 - Sales Start Off Strong in 2010
Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service® (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month's sales were slightly higher than the January average in the five years preceding 2009.
"The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area," said TREB President Tom Lebour. "Increasingly confident consumers moved to take advantage of affordable home ownership."
The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.
"Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The rate of sales and price growth will be lower in the second half of 2010."
Median Price
In January, the median price was $350,000, from the $303,000 recorded during Janaury of 2009.
Reprinted from the Toronto Real Estate Board Market Watch.
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